In an announcement BitGo, the leader in Bitcoin security, says that it has brought in the BitGo Platform API, a highly scalable set of tools and services that allow any developer to rapidly deploy state-of-the-art operational infrastructure for their Bitcoin business. The move from the company is aimed at providing better support for the business enterprises.
According to a source from BitGo its own products, including the leading institutional web wallet BitGo Enterprise, are built on the Platform API. He says that developers using the BitGo Platform API benefit from years of pioneering security infrastructure work by the company. The company tries to provide the best practices for the developers.
For instance, BitGo brings multi-sig HD wallets, strong authentication, real-time transaction monitoring, and key signing policies, etc. for the developers to help them get the best practices. Additionally, the company enables its BitGo Platform API customers achieve faster time to market while reducing overall costs.
Nonetheless, the Palo Alto based Bitcoin security service provider will allow developers to fully leverage, for the first time ever, the enterprise grade security features of BitGo’s multisig HD wallet in their own applications. The recent hacking instances have generated fear among the Bitcoin users as many of them lost their investments, this will help in securing Bitcoin.
According to market observers the launch of this particular service stands to be a turning point in the Bitcoin industry for various reasons. For instance, whether general merchants or Bitcoin service providers, they will all now be capable of integrating the Bitcoin protocol into their core product without being forced to give up control of their Bitcoin to a third party.
Complete Bitcoin Security for Users
Also, as they won’t be facing the multiple and complex Bitcoin security challenges that have brought otherwise strong companies to their knees, they will prefer using the BitGo Platform API. The importance of such a security setup can be understand from the fact that many million dollars have been lost in various Bitcoin theft taken place in the last one year.
The most notable and widely reported incident in Bitcoin’s history was the loss of 850,000 Bitcoin held at the now bankrupt Mt. Gox exchange in Japan. The Slovenia-based Bitcoin exchange BitStamp also suffered a security breach in its hot wallet software wherein it lost 19,000 Bitcoin.
BitGo has been playing vital role in the Bitcoin security. It launched the world’s first multisig wallet, invented by Belshe, back in August, 2013 for the purpose.
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